The extant literature on family-controlled firms in the U.S. presents a mixed picture on how family control affects opacity and value creation. In this study, we show that the mixed results arise from the differences among family firms with regard to the presence of founders and the extent of...

In this paper we provide new insights into the motives underlying insider participation in private investments in public equity (PIPEs) by considering the association among insider participation, pricing, and contractual terms. PIPEs are a financing choice that have become popular over the last...

In this paper, we examine how inter-firm executive social connections between suppliers and major customers help promote communication that facilitates supplier accuracy in sales forecasts. We first document that suppliers provide more accurate revenue forecasts when their executives are...

This study examines the antecedents and consequences of analysts choosing to become supply chain analysts (i.e., analysts following both a supplier and its major customer). We find that information complementarities between firms in the same supply chain, between a supplier firm and its industry...

This paper investigates the costs, benefits and frequency of management earnings guidance issued by firms manipulating earnings. We find that, when manipulations are detected, misstating firms issuing guidance and their managers incur additional legal costs, as reflected in the higher settlement...

The design of CEO incentives is particularly important for firms in financial distress. We compare the resolution of CEO incentive problems in distressed firms between the 1980s versus the 1990s, focusing on how changes in contractual provisions, as well as in the executive labor market,...